Ford Motor announced that it was planning to scrap a three-row electric SUV and extend the production of its best-selling pickup, the F-150, in electric form.
This is Ford Motor’s most recent hold-up as it tries to reduce expenses to increase demand.
Ford, General Motors, and a number of other automakers have postponed or canceled plans for new electric models in order to avoid making excessive investments in cars that consumers are not buying at the predicted rate.
Ford Chief Financial Officer John Lawler said in a statement, “With pricing and margin compression, we’ve made the decision to adjust our product and technology roadmap and industrial footprint to meet our goal of reaching positive EBIT (earnings before interest and tax) within the first 12 months of launch for all new models.”
The company is also adding a new electric mid-sized pickup and van to its future lineup as the automaker is targeting its areas of strength such as commercial vehicles and pickup trucks.
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